Massey Knakal Retained Exclusively To Sell Multifamily Building In Midtown East
Massey Knakal Realty Services has been retained on an exclusive basis to sell a multifamily building at 240 East 52nd Street. The property is located between Second and Third Avenues in Manhattan’s Midtown East neighborhood. The asking price is $10,950,000.
The five-story, plus basement, pre-war building contains approximately 9,361 above grade square feet and sits on a 25’ x 60’ lot. It consists of 15 one-bedroom units, each exhibiting an impressive layout that maximizes rentable area. The building is uniquely constructed to allow natural light in every room and the basement is fully furnished and being utilized as an office. Of the residential units, one is rent stabilized and the rest are free market. Owners will also receive commercial revenue through an on-site laundry facility and a five-year cell tower roof lease. The building is heated by gas and all the residential units are metered for gas and electricity.
This offering presents the opportunity to purchase a large and superbly designed multifamily property with strong cash flow. The incoming Second Avenue subway combined with recent nearby developments will transform the area, positioning the property to capitalize on the rapidly transforming Second Avenue corridor.
This property is being marketed exclusively by Massey Knakal’s Hall Oster and Clint Olsen.